Why Bitcoin Cash (BCH) Proxy War Could be very bullish for Bitcoin Price (BTC)

Despite Bitcoin Cash ABC looking like it will win the BCash civil war with notable support from John McAfee and Bitstamp, the ugliness of the sideshow could actually have a bullish impact on Bitcoin (BTC) price.

PLEDGE OF ALLEGIANCE

Yesterday, John McAfee came across as if he had just binge-watched several ‘Game of Thrones’ box-sets as he pledged his allegiance to Jihan Wu and Roger Ver’s vision for Bitcoin Cash (BCash).

His Tweet proclaimed, “I will not let my ego destroy me by making me think I could challenge the only real power in this space.” Still, that was just the hors-d’oeuvre. Attached to the Tweet was a screenshot of an email from McAfee to Wu. It contained the following;

I see you are going to war. I am the oldest warrior still standing on the battlefield… if I can serve you, you have my sword and my loyalty.

The main protagonist in this war would be Craig Wright pushing ‘Satoshi’s Vision’ of Bitcoin with his Bitcoin Cash SV fork. Needless to say, Wright did took this latest development in stride.

Dubbing McAfee ‘McFee’ (a reference to paid ICO endorsements), he accused him of being a conman and a scammer.

BITCOIN CASH ABC IS WINNING

Luckily for Bitcoin Cash ABC, one of the oldest exchanges in the industry, has also openly announced its support for Bitcoin Cash ABC. On the company’s web page it states that;

We will only support Bitcoin ABC during the fork… Initially, we will not support any alternative chains, but will monitor the situation…

Now, Bitcoin Cash ABC appears to be winning and is over 50 blocks ahead at press time, according to data from Coin.dance.

In addition, other versions like Bitcoin Unlimited and Craig Wright’s Bitcoin SV appear to not be mining blocks at this time. This also implies that three new coins could emerge if these other chains survive.

Meanwhile, Binance announced that it will not only support trading of these potential new tokens but will also retain the tickers of BCHABC and BCASV.

HISTORY RHYMES

So what does this Bitcoin Cash squabble have to do with Bitcoin? Well, touting itself as the ‘real’ Bitcoin, the Bitcoin Cash (or BCash) that prides itself on cheap, reliable and quick transactions has been anything but.

According to eToro senior market analyst Mati Greenspan, bitcoin is in amidst a parabolic bull cycle and is on track to sustain its strong momentum over the medium to long term.

Since January, within less than six months, the bitcoin price has increased by nearly 100 percent against the U.S. dollar.

With a 98% gain year-to-date, bitcoin has outperformed most assets in 2019
(source: coinmarketcap.com)

Still, despite its large short-term rally, Greenspan noted that the dominant cryptocurrency is only at the start of a bigger cycle that may lead to new highs for the asset.

WHY INDUSTRY EXECUTIVES ARE SO OPTIMISTIC IN BITCOIN

In December 2018, the bitcoin price dropped to its lowest yearly point at $3,150. At the time, even though the industry had demonstrated significant progress in improving the infrastructure supporting the asset class, the sentiment around…

World’s third largest cryptocurrency Ripple (XRP) has appreciated up to 31-percent against the US dollar in just two days.

The XRP-to-dollar exchange rate Tuesday established an intraday high towards $0.405, up 25.05% since the market open on Luxembourg-based Bitstamp exchange. The pair dropped as much as 5.05-percent ahead of the European session to neutralize its overbought sentiments, finding interim support at $0.384-level.

RIPPLE (XRP) SURGES 25% IN A DAY | SOURCE: TRADINGVIEW.COM, BITSTAMP

The sentiment was the same across the rest of the cryptocurrency index, with almost all the leading cryptocurrency posting surplus intraday gains. Bitcoin (BTC), for instance, extended its rally action to establish a new 2019 peak towards $8,836.19. Ethereum, EOS, and Bitcoin Cash too recorded double-digit percentage gains on a 24-hour adjusted timeframe.

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Facebook, the largest social media giant, made news after it announced that it would launch its own cryptocurrency, Facebook Coin. It was also rumoured that Facebook was looking out for VC firms to invest in their cryptocurrency project, with the targeted sum being “as much as $1 billion.”

Now, according to an official announcement, Facebook is going to lift its ban on cryptocurrency and blockchain related ads on its platform.

The facebook statement read :

“Starting 5 June, we will update our Prohibited Financial Products and Services Policy to no longer allow ads promoting contracts for difference [CFDs], complex financial products that are often associated with predatory behaviour. These products, due to their complexity, often mislead people.”

Facebook had implemented the ban on cryptocurrency ads and promotional campaigns related to blockchains and ICOs back in January 2018. It was believed that the ban was to tackle concerns…

Craig Wright, a man who, as WIRED wrote about back in 2016, either created Bitcoin or very badly wants someone to believe he did.

Now rumours are swirling through the Bitcoin world that Wright himself is poised to publicly claim—and possibly offer some sort of proof—that he really is Satoshi Nakamoto, the mysterious inventor of Bitcoin. If he does, he’ll have to convince a highly skeptical cryptography community for whom “proof” is a serious word, and one that requires cryptographic levels of certainty.

The suggestion is that Wright, an Australian cryptographer and security professional, has arranged to perform a demonstration for media in London sometime in the next week that’s intended to convince the world he’s bitcoin’s creator.1 Luckily for any legitimate claimant to the Satoshi throne—and for bitcoiners tired of the long succession of unproven candidates and speculation—there are some clear, almost incontrovertible ways for Satoshi Nakamoto to prove himself. When…